ECB to rake in support, AUD higher: ASX200 to rise

Stocks on Wall Street slipped on the back the 10-year Treasury note slicing off about 20 basis points, while the US dollar also weakened.

Financial and Telcos were the biggest drag on the market, while Disney shares lost 4 per cent after its CEO announced a profit warning. All of that left the Dow Jones and the S&P 500 in negative territory, while the tech heavy slightly rose with Amazon and Facebook trading higher.

And after the ECB hinted it would start reducing its bond buying program as early as next month, on the back of stronger economic growth, the US dollar hit its lowest level since January 2015, while the Australian dollar edged higher.

And the futures are tipping a modest rise at the open for our Australian share market.

Local economic news

Today, we’ll learn how housing finance is clocking along, with a reading from the ABS, with expectations month on month loan growth will rise to 1 per cent in July, up from 0.5 per cent in June.

Markets

Wall Street closed mixed: The Dow Jones Industrial Average fell 0.1 per cent to close at 21,785, the S&P 500 lost 0.02 per cent to close at 2,465 and the NASDAQ advanced 0.07 per cent to close at 6,398.

And back home, the Australian share market closed flat yesterday. At the closing bell, The S&P/ASX 200 Index closed flat at 5,690.

On the futures market the SPI is 16 points up.

Company news

Westgold Resources (ASX:WGX) is preparing to establish a new underground mine at its Reedy’s Mining Centre, in the Murchison goldfields of Western Australia. It will be the gold developers third high-grade underground production base at its Central Murchison Gold Project (CMGP). Westgold says it will also supplement the much larger mine, Big Bell, while it’s in the midst of de-watering and reestablishment works. Shares in Westgold Resources (ASX:WGX) last traded 2.02 per cent higher to $2.02.

Reporting Results

BT Investment Management (ASX:BTT) is set to report its full 2017 financial year results today.

Currencies

One Australian Dollar at 7:40AM was buying 80.46 US cents, 61.44 Pence Sterling, 87.24 Yen and 66.94 Euro cents.

Commodities

Gold has gained $15.00 to $US1,354 an ounce, marking a one year high.Silver has added $0.29 to $US18.20 an ounce.And Oil has lost $0.05 to $US49.11 a barrel.

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.